Financial Projections

Forecasting is a necessity when trying to effectively manage and lead a business to profitability.

Calculation of Fixed Assets and Depreciation

Fixed assets are physical pieces of property that a business owns, and they play a part in the production of the business’s income. Depreciation refers to the loss of value in these assets over time.

Individual Tax Returns

An Individual Tax Return can be filed by single and married taxpayers with and without dependents.

Trust Tax Returns

Any amount over $600 in annual gross income generated from an estate or trust must be reported to the IRS.

Estate Tax Returns

Any amount over $600 in annual gross income generated from an estate or trust must be reported to the IRS.

Gift Tax Returns

A Gift Tax Return is given when a Form 709 is submitted to the IRS. Even if a gift tax is not owed, a return is required.

Tax Credits

A Tax Credit allows a taxpayer to subtract a certain amount of money from the tax they owe to the government. Certain tax credits are given to businesses in specific locations, classifications or industries.

Amending Prior Year Returns

An Amended Return can be used to make any necessary corrections to a business’s previous tax return.

Income and Franchise Tax

A company’s profit (net worth) is subjected to corporate income tax. However, only corporations are required to pay this tax. Sole proprietorships, partnerships and limited liability companies don’t pay income tax but may be liable for state taxes. Any company must pay for the privilege of doing business in a certain state or city.

Tax Elections

A Tax Election is a choice a taxpayer makes that will determine how a particular circumstance will be treated.

Personal Property Tax

Personal Property Tax is the tax a citizen pays for personal property such as cars and boats.

Privilege License

A Privilege License is required for every person, firm, company or corporation involved in any business, vocation, occupation or profession.

Business License

A Business License is a permit that gives a citizen the right to operate a business in a particular city or jurisdiction.

Multi-State Planning

Multi-State Planning involves selling a private health insurance plan through the Marketplace under contract between the U.S. Office of Personnel Management and an insurance company.

Tax Credits

A Tax Credit allows a taxpayer to subtract a certain amount of money from the tax that they owe to the government. Certain tax credits are given to businesses in specific locations, classfications or industries.

IRS & IRS Audits

Internal Revenue Service

State Audits

A State Audit is an examination of all financial records to verify accuracy and check for fraud.

Offer in Compromise

Delinquent Tax Returns & Penalty Abatement

Penalty Abatement is granted by the IRS, allowing a person or company a reduction of taxation. An abatement can include a tax decrease, reduction in penalties or rebate.

IRS Payment Plans & Installment Agreements

If someone is unable to pay taxes owed, he/she may qualify for an IRS Payment Plan. The plan may include an Installment Agreement that gives a person the ability to pay taxes owed over time while avoiding legal repercussions.

IRS Bank Levies

IRS bank levies authorize the confiscation of a person’s property to satisfy a tax debt. Examples of levies include bank garnishments, the selling of vehicle(s), real estate property and any other personal property.

IRS Tax Liens

An IRS Tax Lien is put on property to secure tax payment. The lien can be imposed to ensure payment of delinquent taxes owed on real property or personal property or for failure to pay income taxes or other taxes.

Innocent Spouse Relief

Three types of tax liability relief exist. This relief is for spouses or former spouses who filed joint income tax returns. The three types are Innocent Spouse Relief, separation liability and equitable relief.

State Tax Issues